VAT
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How do i produce a vat invoice for customers that already paid but just want a vat invoice for their records?
EG... Not VAT registered, I would charge the customer £120 + £100 labour = £220. VAT registered,Part is £100 plus Vat = £120. I have to pay the merchant £120. This i would charge the customer. Do i add a further 20% for VAT again?EG £120 (parts) + £100 Labour + VAT = £266Or is it £100 + £100 Labour + VAT = £240?
billing has been transferred to accountant, how do I accept?
HI, If a subcontractor issues a bill and has VAT reverse charge on it. Do i also deduct CIS?
vat return status is open but vat has already been paid to HMRC
HelloI'm looking to raise a sales invoice for a new company based in Guernsey. I'm aware that I do not include VAT but do I need to include an exemption code. Any help would be extremely helpful. Thank you.
From the unbilled charge report there are a number of transactions from years ago where we need to untick the billable field as the costs are never going to be billed. We can then archive the customers and unused nominal codes. The issue is that when we transferred to QBO it has some VAT codes that are no longer valid or even on the tax code list. How do we clear these off the unbilled charges report without messing up the current VAT? Any help greatly appreciated, Thanks Lisa
Can anyone help with the following.I have sent a invoice to a client for some work.The invoice was broken down with my materials and labour and we are vat registered.The invoice total was £298.90 in quick books. The client has paid £255.90 as deducted under CIS and vat reverse charge and paid £255.90.How to I record the difference correctly in quick books as the invoice is showing the £298.90 and the bank feed from income is £255.90. Under the CIS the labour excluding var was £215. Materials 34.09.Totals CIS tax £43 and VAT £49.81 leaving the client to pay us £255.90. I was not sure how to correctly record this in the accounts. Any help would be appreciated?
Hello guys, I have a serious problem on my hands. I recently bought QuickBooks desktop 2020 PRO and did a setup for two of my companies. I did the setup myself for both companies, including the tax setups. I managed to do some postings on both companies and the data is up to date.However, when I did run the Tax reports on one of the companies, I noticed Purchase VAT does not appear (It only shows Sales VAT). The setup is correctly done (Creating a VAT Code, Linking the code to a GL account and also linking the suppliers with the VAT code and also selecting the VAT code when inputting the Bills).All bills have Purchase VAT selected, but when I run the VAT report, it only shows sales VAT
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Hi there, I have recently invoiced a company who have since gone into administration so we wont be receiving payment. I therefore need to void the invoice or record it as bad debt. My question is, if i were to do either, will this automatically record and adjust the next VAT period so we can claim this VAT back which we have already paid? Any advice would be appreciated.
I have only used qb to produce vat returns since being vat registered from 1.7.21 and have not used it to produce accounts previously, i haven't entered any opening balances etc.
Hello Weve just moved to cash vat returns and i have noticed invoices are been added to the sales figures. Qb said I need to make an adjustment on the return to remove these balances out but i don't feel comfortable having to do this each quarter. thanks
I'm using QBO
Hi I recently migrated data from QB Desktop to QB Online - not straightforward, and eventually the Intuit data services team had to help. The migration appeared successful, but I have now realised that VAT is not calculating properly. The VAT method is set to Cash, but the VAT on a large unpaid invoice from January is showing as due for payment to HMRC. This is clearly wrong. (It worked fine in the Desktop product.) It also looks from the detail reports as though QB online is double-counting VAT on purchases at BOTH bill and payment stage. Any suggestions would be gratefully received! Ian
Hi, I am having a problem with QB working out the correct VAT. i invoice weekly but the company pays a bulk payment at the end of the month. The system doesn't recognise the bulk amount as corresponding with the individual invoices. When I work out the VAT I owe, it is a lot lower, almost double, than what it should be? I think this may be because the system is Charging VAT for the individual invoices aswell as the bulk one?
Hi all, I wasn't able to find any explanation for the the best way to enter a Duty/VAT/ Invoice onto QBO.Can i have some help pleasethe client say it have some vat to reclaim but i can't see I create a bill where i put correct me if i'm wrong, i really appreciateDuty & tax - Vat - £17693.02 - No vatDuty fees - import duty - £9203.75 - No vat
Although the 12.5% TR has been stopped, I still need to enter invoices from the previous month which do still have the 12.5% TR on them, however, QB is not letting me do this, is there any way to get around this?
Do companies still use the third digit after the decimal point and round up to next penny? I can't find an option to remove it or should I go back to the company who paid us? Tried to produce a sales invoice and it is out by 1p, Our contractor has already paid us, and quickbooks is rounding it up. e.g figure for VAT is 383.048 and quickbooks is rounding it up to £393.05, so therefore we are out by 1p so can't match banked amount and produce an invoice for same amount. Not sure what the solution is as I don't want future problems when I pay the VAT in a few months. Learner and newbie to quickbooks (UK)
The customers that we export to are exempt from VAT but they are not appearing on the vat report as exempt. How do I fix this
Hi all, as plenty of you, I own a small business (limited company) that is not VAT registered and it doesn't have employees. Just me as a director. I have tracked all my travel for my first year of business and now that we're preparing my end of year accounts I noticed that it wasn't being automatically considered within the accounts. I have followed the advise from other forum to create the relevant account type (specifically from here: https://quickbooks.intuit.com/learn-support/en-uk/reports-and-accounting/why-isn-t-mileage-expense-showing-up-on-reports-or-expenses/01/451508) but the advise to create it as an expense it's not really valid for me as I am not really paying an employee and neither I am deducting this money from my bank account. I only want £XXX to be reflect in my tax consideration for end of year due to my travel. I have received separate advise from Quickbooks to record a VAT only/ 100% transaction (https://quickbooks.intuit.com/learn-support/en-
(I tried changing each expense entry to ZERO VAT but it does not remove it from the balance sheet. I read that I should journal it out of liabilities but where to ?)
The available options seem to be fixed periods.
